assisting students from venezuela with the cadivi process

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assisting students from venezuela with the cadivi process
ASSISTING STUDENTS FROM VENEZUELA WITH THE CADIVI
PROCESS
Comisión de
Administración de
Divisas (CADIVI)
  Translation: Commission
for Administration of
Foreign Currencies
 
 
Commercial banks and
other authorized
exchange agents are
required to obtain
authorization from
CADIVI in order to trade
Bolίvares Fuertes (VEF)
into U.S. dollars (USD).
 
In 2010 Venezuelan
Government created a
two-tiered official
exchange rate system.
Non-Essential (4.6BsF
per 1 USD)
  Essential (2.6 BsF per 1
USD)
 
 
The Venezuelan
government through
CADIVI decides what are
“essential goods”.
 
Education including
students’ academic
expenses while abroad
are currently considered
to be essential and
exchanged at 2.6 rate.
Anyone who needs to
exchange VEF for USD in
order to travel, study or
import products.
  The CADIVI is required
to exchange the
Venezuelan currency to
any other currency.
 
Students and scholars in
F and J status.
  Business people,
importing goods from
Venezuela to the United
States or other countries
which accept the dollar.
  Tourists from Venezuela
to the U.S.
 
 
CADIVI is an exchange
control that was
adopted in 2003 to limit
capital flight (assets or
money rapidly flowing
out of the country which
devalues currency and
assets in the country).
 
Banco Central de
Venezuela (BCV) or
Central Bank of
Venezuela fixes a
monthly allocation of
foreign currency to be
administered by CADIVI,
purchasing foreign
currency from residents,
selling foreign currency
to the public and private
sector.
 
Students must provide
multiple documents to
the Venezuelan
government in order to
be approved for CADIVI.
Documents provided by
the institution.
  Immigration documents
  Notarized & Apostilled
documents
 
Required documents
vary slightly from first
semester to following
  Students cannot make
payment until they are
approved for CADIVI
 
 
*Exception* Student has
sufficient US dollars and
uses this for payment but
will want reimbursement
upon approval
 
 
Registration with CADIVI
www.cadivi.gob.ve
Invoice & letter from school
explaining costs (should
correspond to I-20) and dates
of session (must be notarized
by court)
 
 
 
 
 
These documents must then be
sent to the Capital for an
Apostille
Acceptance Letter (1st
semester only. Class
schedule after.)
 
I-20, I-94 (front and back),
visa, passport & Venezuelan
ID (cedula)
2 applications (Constancia
de Registro Consular &
Registro de Venezolanos)
All of these documents must
be sent to the Venezuelan
Consulate in DC with a prepaid envelope
Once received from DC can
be sent to Venezuela
 
In addition to applying
for tuition, room &
board payment,
students also must
apply to CADIVI to be
approved to receive a
monthly stipend.
 
Monthly stipend
(Manutencion) is used
for books and other
personal expenses
 
If you specifically list
room and board on the
student’s invoice and
letter, they will not be
approved for their
monthly stipend.
Approval is completely
in the hands of CADIVI.
Even if a student has
the BsF, they can be
denied.
  CADIVI decides whether
they will approve all,
part or none of the
student’s request.
  Students can check
status at cadivi.gob.ve
 
At times students may
only be approved for
manutencion
  If denied, students are
generally given a notice
requesting additional
documentation to be
sent within 30 days
 
 
Learn about the process
Students may not be
clear on the process and
CADIVI frequently
changes requirements
  Provide a handout to the
students with the
process
  Have copies of necessary
forms on hand
  Make copies for students
 
 
 
 
Talk with Business Services
and Accounts Payable
Create template for letter
required by CADIVI
Create payment plans for
Venezuelan students
 
 
 
 
Resources
Apostille, Indiana:
http://www.in.gov/sos/
business/apostille/
Apostille, Kentucky:
http://www.sos.ky.gov/
adminservices/apostilles/
Apostille, Ohio:
http://
www.sos.state.oh.us/
authentication.aspx
 
 
Apostille: Authentication of
documents for use overseas.
Authentications are in the
form of either an apostille or
a gold seal certificate. If the
country to which a document
pertains is part of the Hague
Convention of 1961 (#12),
the document receives an
apostille. If the country is not
part of this convention, then
it receives a gold seal
certification. Venezuela is
part of the Hague Convention
of 1961.

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